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Finance World Magazine| Edition: October 2024

This month, we are pleased to present the October edition of Finance World Magazine, focusing on "Embracing the Future of Investment in the Middle East." Our cover story features Eng. Yaser Al Nuaimi, Acting Head of Infrastructure Partnerships at the Abu Dhabi Investment Office, highlights how the Public-Private Partnerships initiative is reshaping the investment landscape of the UAE. In this issue, we explore the integration of AI and personal finance, Dubai's strategic vision for FinTech and advancements made in the healthcare sector, followed by a special feature on "Finance in 2040" - a captivating time capsule of financial predictions.

This month, we are pleased to present the October edition of Finance World Magazine, focusing on "Embracing the Future of Investment in the Middle East."

Our cover story features Eng. Yaser Al Nuaimi, Acting Head of Infrastructure Partnerships at the Abu Dhabi Investment Office, highlights how the Public-Private Partnerships initiative is reshaping the investment landscape of the UAE.

In this issue, we explore the integration of AI and personal finance, Dubai's strategic vision for FinTech and advancements made in the healthcare sector, followed by a special feature on "Finance in 2040" - a captivating time capsule of financial predictions.

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Dubai Unveils 2,700 New Hotel Rooms, Plans Additional 10,000 by End of 2025<br />

In the first half of <strong>2024</strong>, Dubai expanded<br />

its hotel capacity by over<br />

2,700 new rooms, with a further<br />

10,100 expected by the end of 2025,<br />

according to research from Cavendish<br />

Maxwell. The city added 12 hotels between<br />

January and June, bringing its<br />

total to 716 establishments and approximately<br />

149,750 rooms. An additional<br />

40 hotels are slated for delivery<br />

through 2025, alongside 4,748 more<br />

e& Secures EC Approval<br />

for $2.4B Acquisition of<br />

PPF Telecom<br />

Emirates Telecommunications<br />

Group Company (e&) has<br />

received approval from the<br />

European Commission (EC) for its<br />

acquisition of a controlling interest<br />

in PPF Telecom Group’s assets in<br />

Bulgaria, Hungary, Serbia, and Slovakia.<br />

(approximately $2.395B) deal,<br />

announced in August last year, is part<br />

of e&’s strategy to accelerate international<br />

expansion and diversify its<br />

operations. Financial projections for<br />

FY 2022 indicate that the acquisition<br />

will add around 14 per cent to e&’s<br />

total revenues and 11 per cent to its<br />

EBITDA, broadening its telecom presence<br />

to 20 countries. The EC granted<br />

this approval three months ahead of<br />

the legal deadline, with e& agreeing<br />

to maintain compliance with UAE<br />

bankruptcy law and impose financing<br />

restrictions on PPF Telecom’s EU<br />

business.<br />

rooms anticipated in 2026 and 2027.<br />

The report highlights robust growth<br />

in the four-star segment, with 436 new<br />

rooms added—up 216% from the same<br />

period last year. Five-star hotels also<br />

experienced significant growth, introducing<br />

1,681 new rooms, an increase of<br />

111%. By June <strong>2024</strong>, luxury and upscale<br />

accommodations accounted for 67% of<br />

Dubai’s hotel inventory, emphasising<br />

the city’s focus on high-end hospitality.<br />

Investec Opens Dubai Office at DIFC<br />

Investec, a prominent international<br />

bank and wealth management firm<br />

that generated (AED 10.77B) in revenue<br />

in 2023, has opened a new office<br />

in Dubai. Established in Johannesburg,<br />

South Africa, in 1974, Investec’s Dubai<br />

office is located in the Dubai International<br />

Financial Centre (DIFC) within Central<br />

Park Towers. This expansion enhances<br />

the company’s presence in the Gulf region,<br />

connecting high-net-worth clients, family<br />

Sheikh Mohammed bin Rashid Al<br />

Maktoum, Vice President and Prime<br />

Minister of the UAE and Ruler of<br />

Dubai, has issued Decree No. (53) of <strong>2024</strong><br />

concerning the Board of Directors of the<br />

Dubai Academic Health Corporation,<br />

commonly referred to as Dubai Health.<br />

The decree appoints Sheikh Ahmed<br />

bin Saeed Al Maktoum as chairman,<br />

with Sheikh Mansoor bin Mohammed<br />

bin Rashid Al Maktoum serving as Vice<br />

Chairman. Board members include Dr.<br />

Raja Easa Al Gurg, Abdulla Abdul Rahman<br />

Al Shaibani, Professor Ian Andrew Greer,<br />

Mohammed Hassan Al Shehhi, and Waleed<br />

Saeed Al Awadhi. Additionally, the CEO<br />

of Dubai Health and a representative from<br />

the Mohammed Bin Rashid University<br />

of Medicine and Health Sciences will<br />

offices, and financial institutions within<br />

the Gulf Cooperation Council (GCC). The<br />

DIFC office offers advisory and arranging<br />

services in private banking, wealth and<br />

investment management, as well as corporate<br />

and investment banking. Investec<br />

primarily operates in South Africa and<br />

the UK, with additional offices in the<br />

USA, Ireland, Channel Islands, Mauritius,<br />

India, and Continental Europe, allowing<br />

for closer client engagement.<br />

Sheikh Mohammed Issues Decree for Dubai Health<br />

Board of Directors<br />

join the board. The decree is effective<br />

immediately and will be published in<br />

the Official Gazette.<br />

Oct <strong>2024</strong> www.thefinanceworld.com 95

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